. >> john boehner said no rates are going up two weeks ago. >> so the other one is total gridlock, which looks possible at this point. >> then you get a fiscal cliff scenario. that's when those cuts actually kick in and there is no other way to say it. it will be pretty bad. you'll get tax increases and budget cuts. some fiscal conservatives would say that's the economy, which is only growing at 2%, would take such a jolt. i think the markets could do down below 10,000. >> your third scenario would be a grand bargain. what would that look like and would this be good for obama's legacy? >> it would be great for his legacy. he believes his legacy is about fairness. one of the things he has run on, follow him economically, i'm very concerned about it, is this notion of tax fairness. that the rich have gotten richness while the poor have gotten poorer. there are statistics that back that up. but he doesn't really take into account the economic impact of raising those upper rates. it's more than upper rates that he wants to raise, it's taxes on dividends, capital gains to pay for obamacare. e